Boardwalk Pipeline Partners, LP announced today that its President, H. Dean Jones II, will present at the 2007 Master Limited Partnership Investor Conference at 9 a.m. Eastern Time, on March 7, 2007 at the Jumeirah Essex House in New York City. Mr. Jones will discuss Boardwalk's performance and growth strategies.

To listen to a live audio webcast of Mr. Jones' presentation and to download the related presentation material, visit the Company's website at www.boardwalkpipelines.com under "Investor Relations - Webcasts and Presentations." A replay of the presentation will be archived on the website shortly after the presentation is concluded.

Boardwalk Pipeline Partners, LP (NYSE: BWP - News) is a Master Limited Partnership (MLP) engaged in the interstate transportation and storage of natural gas. Boardwalk conducts its operations through three subsidiaries: Gulf Crossing Pipeline Company LLC, Gulf South Pipeline Company, LP, and Texas Gas Transmission, LLC. Gulf Crossing will transport gas from the Barnett Shale play in North Texas and is expected to go into service in 2008. Gulf South gathers gas from the prolific basins of the Gulf Coast and delivers that gas to on-system markets and to off-system markets in the Northeast and Southeast. Texas Gas provides long-haul transportation from the Gulf Coast supply areas to on-system markets in the Midwest and off-system markets in the Northeast. Our existing assets, Gulf South and Texas Gas, directly serve customers in 11 states and have approximately 13,400 miles of pipeline and 11 underground storage fields with aggregate certificated working gas capacity of approximately 146 billion cubic feet.


Contact:

Boardwalk Pipeline Partners, LP
Jamie Buskill
Sr. Vice President and Chief Financial Officer
270-688-6390
or
Monique Vo
Director of Investor Relations
866-913-2122

Source: Boardwalk Pipeline Partners, LP

Buckeye GP LLC, the general partner of Buckeye Partners, L.P. (NYSE: BPL - News; the "Partnership"), today announces that the Partnership has priced an offering of 1,500,000 limited partnership units. The sole underwriter, Morgan Stanley & Co. Incorporated, has been granted an option to purchase up to an additional 225,000 limited partnership units to cover over-allotments, if any. The Partnership intends to use the net proceeds from this offering to reduce its indebtedness under its revolving credit facility.

This news release does not constitute an offer to sell or a solicitation of an offer to buy the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. This offering may be made only by means of a prospectus supplement and accompanying base prospectus.

When available, copies of the prospectus supplement and accompanying base prospectus related to this offering may be obtained from Morgan Stanley & Co. Incorporated (Attn: Prospectus Department, 180 Varick Street, 2nd Floor, New York, New York 10014 or by e-mail at prospectus@morganstanley.com).

Buckeye Partners, L.P., through its operating subsidiaries, owns and operates one of the largest independent refined petroleum products pipeline systems in the United States in terms of volumes delivered, with approximately 5,400 miles of pipeline. The Partnership also owns and operates 47 refined petroleum products terminals with an aggregate storage capacity of approximately 19.1 million barrels in Illinois, Indiana, Massachusetts, Michigan, Missouri, New York, Ohio and Pennsylvania, and operates and maintains approximately 2,500 miles of pipeline under agreements with major oil and chemical companies. For more information about Buckeye Partners, L.P., visit the Partnership's website at www.buckeye.com.

This press release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 that the General Partner believes to be reasonable as of today's date. Actual results may differ significantly because of risks and uncertainties that are difficult to predict and many of which are beyond the control of the Partnership. Among them are (1) adverse weather conditions resulting in reduced demand; (2) changes in rate regulation by the Federal Energy Regulatory Commission; (3) changes in other laws and regulations, including safety, tax and accounting matters; (4) competitive pressures from other transportation services and alternative energy sources; (5) liability for environmental claims; (6) improvements in energy efficiency and technology resulting in reduced demand; (7) the inability to integrate acquired assets successfully with the Partnership's existing assets and to realize anticipated cost savings and other efficiencies; (8) labor relations; (9) changes in real property tax assessments; (10) regional economic conditions; (11) market prices of petroleum products and the demand for those products in the Partnership's service territory; (12) disruptions to the air travel system; (13) security issues relating to the Partnership's assets; (14) interest rate fluctuations and other capital market conditions; (15) unanticipated capital expenditures and operating expenses to repair or replace the Partnership's assets; (16) availability and cost of insurance on the Partnership's assets and operations; (17) expansion in the operations of the Partnership's competitors; (18) shut-downs or cutbacks at major refineries that use the Partnership's services; and (19) the treatment of the Partnership as a corporation for federal income tax purposes or the Partnership becoming subject to entity-level taxation for state tax purposes. You should read the Partnership's Annual Report on Form 10-K, and its most recently filed Form 10- Q, for a more extensive list of factors that could affect results. The Partnership undertakes no obligation to revise its forward-looking statements to reflect events or circumstances occurring after today's date.


Source: Buckeye Partners, L.P.

El Paso Corp., the nation's largest natural gas pipeline company, on Tuesday posted a slightly wider loss in the fourth quarter than a year earlier as costs related to the sale of pipeline capacity offset gains in its core pipeline and exploration businesses.

But the company, which launched a restructuring 3 1/2 years ago, posted a full-year profit for the first time since 2000.

Quarterly losses after paying preferred dividends were $175 million, or 25 cents per share, versus a loss of $172 million, or 26 cents per share, during the same period in 2005. Per-share results in the 2005 period are based on about 40 million fewer shares outstanding.

Losses from continuing operations narrowed to $15 million, or 3 cents a share, from the year-earlier quarter.

Excluding a charge of $188 million, or 17 cents per share, related to the company's divestiture of capacity on the Alliance Pipeline, and a gain of $13 million, or a penny per share, on gas and oil derivatives, earnings amounted to 13 cents a share.

Revenue rose 12 percent to $913 million -- below the $1.2 billion expected by analysts surveyed by Thomson Financial -- from $814 million a year ago.

El Paso shares fell 41 cents, or 2.8 percent, to close at $14.42 on the New York Stock Exchange. The shares have traded in a range of $11.80 to $16.39 in the past year.

El Paso has undergone a massive restructuring in the past few years, as it shed billions in assets, including two refineries and a slew of power plants, to focus on running its pipeline network and exploration and production business.

El Paso said last week it had completed the $4.14 billion sale of its ANR Pipeline Co. division, storage assets in Michigan and its 50 percent interest in Great Lakes Gas Transmission to TransCanada Corp. and TC PipeLines LP.

President and chief executive Doug Foshee called 2006 a year of "major accomplishments," citing the return to profitability and record earnings at its pipeline business.

The pipeline outfit's earnings for the three months ending Dec. 31 were $302 million, up from $183 million in the year-ago period, helped in part by new pipeline projects.

The exploration and production segment saw its earnings fall to $137 million from $168 million in the fourth quarter a year ago, when natural gas prices were much higher because of market concerns created by hurricanes Katrina and Rita and other factors.

El Paso said its realized price for natural gas in the most-recent three months was $6.15 per thousand cubic feet, down from $6.76 in the fourth quarter of 2005.

For all of 2006, El Paso swung to a profit of $438 million, or 64 cents per share, compared with a loss of $633 million, or 98 cents a share, in 2005. Revenue grew to $4.3 billion from $3.4 billion a year ago.

"We look forward to additional progress in 2007," Foshee said.

http://www.elpaso.com

Shares of onshore drilling contractor Patterson-UTI Energy Inc. dropped along with the broader market Tuesday after Credit Suisse downgraded the company, citing shrinking market share and rising oil industry capacity.

Analyst Arun Jayaram downgraded Patterson shares to "Underperform" from "Neutral," lowered his 2007 and 2008 earnings estimates and cut his target price to $22 per share from $31. Jayaram said the company is operating a smaller number of onshore oil rigs than in November, while its competitors are gaining ground.

"Apparent share losses and industry capacity additions are taking an even greater bite out of Patterson's earnings power than we previously expected," Jayaram said.

The Snyder, Texas, company's margins and revenue per day also dropped during the fourth quarter, and Jayaram expects that decline to get steeper in the first quarter of 2007. He also thinks the stock is trading at a premium compared to its competition.

Patterson-UTI shares fell $1.14, or 4.8 percent, to $22.88 on the Nasdaq Stock Market.

-- Proven net reserves increase 150% over 2005
-- Proved developed net reserves increase 244% over 2005
-- Average daily production increases 132% over 2005

Storm Cat Energy Corporation today announced 2006 proved reserve estimates.

2006 Year-end Reserve Estimates

At year-end 2006 Storm Cat had proven net reserves of 25.0 billion cubic feet (Bcf), probable reserves of 5.9 Bcf and possible reserves of 26.4 Bcf. Approximately 54% of the proven reserves were classified as proved developed. The 2006 estimated quantities of proven reserves are 150% higher than year-end 2005 proven reserves of 10.0 Bcf. In addition, Storm Cat increased proved developed reserves by 244% at year-end 2006. All of Storm Cat's reserves are located in the Powder River Basin (PRB).

Storm Cat's estimated, pre-tax future net cash flows discounted at 10% (commonly known as the SEC PV-10 figure) for proved reserves at year-end was $32.04 million The 2006 PV-10 calculation used net year-end Colorado Interstate Gas (CIG) commodity prices of $4.46 per thousand British thermal units (Mbtu) of natural gas as compared to year end 2005 SEC CIG price of $7.72 per Mbtu of natural gas. The PV-10 calculation does not include Storm Cat's financial hedges which are substantially higher than year end SEC CIG prices. All reserve estimates are based on an evaluation of the reserves prepared by independent reservoir engineering consultants, Netherland Sewell and Associates. All reserves conform to the definitions as set forth in the SEC Regulation S-X Part 210.4-10 (a) as clarified by subsequent SEC Staff Accounting bulletins. The proved reserves are also in accordance with Financial Accounting Standards Board Statement No. 69 requirements.

complete this report click here

Cheniere Energy Inc. on Tuesday reported a net loss of $93.3 million, or $1.71 per share, for the fourth quarter of 2006, compared with a net loss of $18.5 million, or 34 cents a share, during the same period in 2005.

The company said that if losses associated with the early termination of debt and interest rate swaps were excluded, the net loss would have been $30.1 million or 55 cents per share.

For the full year ended Dec. 31, Houston-based Cheniere (AMEX: LNG - News) posted a net loss of $145.9 million, or $2.68 per share, compared with a net loss of $29.5 million, or 56 cents per share, in 2005.

Cheniere Energy primarily is involved in the development, construction, ownership and operation of onshore liquefied natural gas receiving terminals and related natural gas pipelines along the U.S. Gulf Coast.

The Houston Business Journal

2006 Net Income Increases 28% to $156.4 Million
Discretionary Cash Flow Up 33% in 2006
Annual Production Up 26% to 15.16 MMBOE

Whiting Petroleum Corporation (NYSE: WLL - News) today reported fourth quarter 2006 net income of $28.0 million, or $0.76 per basic and diluted share, on total revenues of $186.6 million. Fourth quarter 2006 net income included after-tax gains related to property sales of $6.5 million or $0.18 per share. This compares to fourth quarter 2005 net income of $38.3 million, or $1.05 per basic and diluted share, on total revenues of $186.0 million. Discretionary cash flow in the fourth quarter of 2006 totaled $83.8 million, compared to the $112.2 million reported for the same period in 2005. A reconciliation of discretionary cash flow to net cash provided by operating activities is included at the end of this news release. The decrease in fourth quarter 2006 net income versus the comparable 2005 period was primarily the result of higher operating and exploration costs and lower crude oil and natural gas price realizations.

Full-year 2006 Results

For the full-year 2006, Whiting reported record net income of $156.4 million, or $4.26 per basic share and $4.25 per diluted share, on total revenues of $778.8 million. This compares to 2005 net income of $121.9 million, or $3.89 per basic share and $3.88 per diluted share, on total revenues of $540.4 million. Discretionary cash flow in 2006 was up 33% to $426.2 million from $321.7 million in 2005.

Oil and gas production in 2006 totaled 15.16 million barrels of oil equivalent (MMBOE), or an average of 41,530 barrels of oil equivalent (BOE) per day. This rate represents a 26% increase compared to the 33,089 BOE per day average, or 12.08 MMBOE total, produced in 2005.

Fourth Quarter Production

Production in the fourth quarter of 2006 totaled 3.80 MMBOE, of which 2.47 million barrels was crude oil (65%) and 1.33 MMBOE was natural gas (35%). This fourth quarter 2006 production total equates to a daily average production rate of 41,300 BOE, representing a 3% increase over the 40,020 BOE per day average rate in 2005's fourth quarter.

As previously reported, approximately 4,500 BOE per day of production was shut in during late December 2006 due to a severe ice storm at Whiting's Postle Field and Dry Trail Gas Plant in Texas County, Oklahoma. Electric power was out from December 29, 2006 until January 4, 2007, at which time Whiting Oklahoma and Texas based personnel returned approximately two-thirds of the field to production through the use of 21 mobile electric generators. The local utility restored full power to the Postle Field by January 31, 2007, at which time the field's production was back at approximately 4,500 BOE per day.

complete this report click here

Victory Energy Corporation announced today that included with its Letter of Intent with Coastal Petroleum Company is a 34,000 acre shallow gas prospect in Valley County Montana leases.

Identified as the Starbuck's East Prospect it is believed to have similarities to two other major gas fields in Montana, the Tiger Ridge and the Bowdin Gas fields. This Prospect is located on the northeastern flank of the Bowdin Dome in Northeastern Montana. Recent drilling in the area confirms the presence of a large, untested relief structural closure. The Upper Cretaceous Eagle and Phillips sands may provide two shallow gas targets. Depth to the Eagle zone is approximately 1100 feet, while the depth to the Phillips zone is approximately 2300 feet. The combined reserve potential for both the Eagle and Phillips reservoirs is estimated to be 220 billion cubic feet of gas.

"Victory Energy has the opportunity to own 50% of this potential gas prospect. With a gas line relatively close to the acreage, coupled with the low cost to drill these wells, the prospect represents a significant opportunity for the Company and the Company is committed towards its success," stated Jon Fullenkamp, President of Victory Energy Corporation.

Press Release

Well Renewal, Inc. is pleased to announce the initial drilling program to re-work up to 21 wells on the Gulley lease located in Northeast Oklahoma. In addition to working over the 21 wells, the strategic plan also calls for drilling two new wells to the Upper Arbuckle Formation. Core samples are being sent to an independent laboratory for final testing which will allow WRNW's engineers to build a reserve analysis for this specific property. Additionally the 21 existing well drilling program will be for wells that indicate superior preliminary evaluations and indicate above average flow rates. WRNW expects upon completion the workover wells to produce 700 bopm and the new wells over 2000bopm. At today's recent oil prices that would add over $1 million in revenues for 2007.

``Our engineering staff has become more proficient during the past months in bringing wells back to production while minimizing our costs. Marginal wells, such as the Gulley 21, are demanding more and more attention by small to mid size regional oil and gas companies due to the current market price of oil,'' stated Will Gray, CEO. Mr. Gray added, ``I am confident the Company will achieve all this year's drilling goals and initiatives for company owned leases and existing wells. This particular acreage presents an incredible opportunity, bringing to the Company potentially high profits with minimal overhead expense.''

About Well Renewal, Inc.

Well Renewal, Inc., headquartered in Tulsa, Oklahoma, is principally engaged in oil and gas exploration as well as enhancement and recovery of abandoned and low production oil properties, oil field services and petrochemical distribution.

Statements in this press release relating to plans, strategies, economic performance and trends, projections of results of specific activities or investments, and other statements that are not descriptions of historical facts may be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking information is inherently subject to risks and uncertainties, and actual results could differ materially from those currently anticipated due to a number of factors, which include but are not limited to, risk factors inherent in doing business. Forward-looking statements may be identified by terms such as ``may,'' ``will,'' ``should,'' ``could,'' ``expects,'' ``plans,'' ``intends,'' ``anticipates,'' ``believes,'' ``estimates,'' ``predicts,'' ``forecasts,'' ``potential,'' or ``continue,'' or similar terms or the negative of these terms. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements. The company has no obligation to update these forward-looking statements.


Contact:

Well Renewal, Inc.
E. Will Gray, CEO
918.585.5101
Facsimile: 918.512.4337
info@wellrenewal.com
320 S. Boston
Suite 1026
Tulsa, OK 74103

Source: Well Renewal, Inc.

Project coordinator Gene Neuens of newly formed Plains Oilseed Products says the company will construct and operate an oilseed processing plant in western Oklahoma.

Numerous sites, including one southwest of Enid, are being considered for the plant, which could employ up to 17 people.

“We are working through the state Department of Commerce and will be sending out a request for proposal to all interested parties. We’ve had about six, seven to eight people from Northwest Oklahoma communities show some real interest,” Neuens said Monday about plant location.

Jon Blankenship, executive director of Greater Enid Chamber of Commerce, said he had not received any information about the proposed plant.

It would be equipped and operated to crush different oilseeds, such as canola, sunflowers, peanuts, soybeans or other similar plants, that could be grown in Oklahoma.

According to a business plan prepared with assistance from Oklahoma State University agricultural specialists, Plains Oilseeds Products anticipates processing more than 100,000 tons of oilseeds annually into 57 million pounds - 7.7 million gallons - of oil. It will be marketed to food-grade oil refiners and biodiesel plants.

The plant also will produce more than 69,000 tons of canola and other meals annually that will be marketed to Oklahoma feed manufacturers and large-scale dairies.

Neuens said the plant would be equipped to receive up to 110,000 acres of harvested canola that could be refined, bleached and deodorized for a food grade oil that would be unique for an operation this size.

“We would send it directly to wholesalers,” Neuens said.

Blankenship said biodiesel production, which was the talk of the area a few years ago, has been overshadowed recently by attention focused on proposed ethanol plants here.

A burgeoning biodiesel industry remains viable here with several sticks still in the fire, Blankenship said.

Plains Oilseed Products also announced Monday its board of managers, which will oversee the company’s activities. Members have been involved actively in the project since its inception in 2002.

Board chairman is Matt Gard of Fairview. He is a certified crop adviser. He also serves as a conservation commissioner for Northwest Oklahoma and is a member of National Corn Growers Association and Oklahoma Wheat Growers Association. He grows cotton, alfalfa, soybeans, millet, wheat and canola.

Terry Detrick is vice chairman of the board and vice president of Plains Oilseed Products. He is also vice president of American Farmers and Ranchers Mutual Insurance Co. and Oklahoma Farmers Union. He and his son, Brad, operate a 2,800-acre farm and ranch at Ames, producing small grains, hay and beef cattle.

Secretary/treasurer is Mark Holder of Altus. He has served as a director of Stockman’s Bank since 1986 and serves as vice chairman of the bank’s board and executive vice president.

source news : adaeveningnews.com

Weather and global politics helped drive gasoline prices up nearly 13 cents a gallon on average nationwide in the past two weeks as the price of crude oil rose.

The national average for self-serve regular was $2.35 per gallon, up 12.8 cents since Feb. 9, industry analyst Trilby Lundberg said Sunday.

Salt Lake City had the cheapest gallon of gas in the country — a gallon of self-serve regular was $2.12. The highest average price in the nation for self-serve regular was in San Francisco at $2.84.

Carlisle area prices that had ranged from $2.12 to $2.19 per gallon in early February climbed to around $2.35 to $2.39 per gallon last weekend.

PennsylvaniaGasPrices.com documents a similar climb across the Keystone State, with the average price rising from $2.16 on Feb. 2 to nearly $2.34 on Sunday.

source news : cumberlink.com

Buy-recommended Canadian Oil Sands Trust’s 36.7% owned Syncrude, operating at 86% of new capacity, produced a record 302 thousand barrels daily of synthetic crude oil in the fourth quarter of 2006.

The buildup to sustained operations at 100% by late 2007 at current oil futures prices supports our projection of a doubling of the quarterly distribution rate from a current C$0.30 a unit to C$0.60 a unit (see Syncrude Volume chart below).

Considering the size of the project, it can’t be too much of a surprise that achievement of full capacity operations may be as much as a year later than our expectations over the past five years.

Meanwhile estimated net present value of US$35 a unit combined with rising distributions help justify the patience that may be necessary, since both stock price and the futures price for six-year oil deliveries are below their 200-day averages. Canadian Oil Sands Trust remains our top oil recommendation with its highest representation in crude oil production and its double weighting in the illustrative McDep Energy Portfolio, concentrated on real assets promising a high return providing clean fuel for global growth.

SeekingAlpha

Concorde Capital www.concorde.com.ua is proud to be the first investment bank to conduct a comprehensive study of corporate governance standards in Ukraine. Our study is aimed at providing foreign investors whose equity universe includes Ukrainian companies with greater insight into the corporate culture behind these companies.

We rated 118 companies, encompassing all sectors of the Ukrainian economy, based on Reporting & Disclosure, Investor Relations, Minority Concerns and Strategic Risks, as these areas are currently of the most interest to investors on the Ukrainian market.

The total scores possible in our rating ranges from -8.5 to 11.0:

11.0 - 9.0 Quality corporate governance standards (Q)

8.5 - 6.0 Above Average (AA)

5.5 - 3.0 Average (A)

2.5 - 0.0 Below Average (BA)

0.0 or less Poor (P)

Of the 118 companies, 7 earned our Q rating, 13 came in as AA's, there were 24 A's, 22 BA's and 51 companies received our P rating. The average score for our study is 1.5.

Consumer Goods: Leaders Of The Pack. Consumer goods producers' results were well above the rest of the sectors with a mean score of 6.9. High scores by Astarta (11.0), XXI Century (11.0) and solid marks by Sun Interbrew (5.0) and Slavutich (8.5) lifted the sector average. Large international holding companies backing the brewers as well as the listing of XXI Century in London and Astarta in Warsaw support their strong ratings.

Financial Services: Good, We Thought They'd Be Better. The sector received the second highest average score, 5.9. However, except for Ukrsotsbank (6.5), smaller local banks had the stronger scores, led by Bank Forum (9.0), Megabank (6.0), Ukrgazbank (5.5) and Rodovid Bank (5.0). While media darling Raiffeisen Bank Aval's score of 6.0 was also solid, it failed to meet our expectations in terms of investor relations.

Oil & Gas: Bogged Down By Refineries. Despite being boosted by the inclusion of three foreign-based companies (Cardinal 10.0, JKX 9.0, Regal 9.0) whose openness to investors and past IPOs brought them high scores, along with Ukrnafta (6.5) and our top scorer Galnaftogaz (11.0), the sector came in way behind financial services with a score of 4.3. The shoddy tallies received by the list's traded refineries pulled down the sector.

Metals & Mining: NITR & KSTL Head & Shoulders Above The Rest. As a sector, metals and mining had some of the lowest overall results in our research (average score 1.2), however, Nyzhnoydniprovsky Pipe and Mittal Steel Kryvy Rig went against the grain to bring strong marks of 7.5 and 6.5 respectively. NITR, despite being part of a large Ukrainian holding, leads in terms of transparency and financial disclosure in the pipe sector.

The entire report is available on our website: http://www.concorde.com.ua/downloads/


Contact:

Concorde Capital
Nick Piazza
np@concorde.com.ua
+ 380 44 207 5030

Source: Concorde Capital

Technip (Paris:TEC) (NYSE:TKP) (ISIN:FR0000131708) has been awarded a contract by BHP Billiton for the flowlines(1), risers(2) and subsea structures installation for the development of the Shenzi field. This field is located in the Green Canyon area of the Gulf of Mexico in 4,300 feet of water depths. The Shenzi development requires delivery of a subsea system in water depths where Technip has extensive experience.

The contract covers the engineering, fabrication and installation of a system of two infield flowlines and six flowlines welded to steel catenary risers and connecting three drill centers to the production platform.

Pipeline end terminations (PLET) design is currently underway at Technip's operations and engineering center in Houston (Texas) with PLET fabrication scheduled for Q3 and Q4 2007.

The flowlines and risers will be welded onshore, at Technip's spoolbase located in Mobile (Alabama), minimizing the duration of offshore operations.

Offshore installation will be carried out in Q1 2008 by the Deep Blue, Technip's deepwater pipelay vessel. The Deep Blue will use the reel lay process, reducing the vessel's required time in the field, thus limiting its exposure to weather and currents.

The Shenzi field is operated by BHP Billiton and owned by BHP Billiton (44%), Repsol (28%) and Hess (28%).

(1) Flowline: a flexible or rigid pipe, laid on the seabed, which allows the transportation of oil/gas production or injection of fluids. Its length can vary from a few hundred meters to several kilometers.

(2) Riser: a pipe or assembly of flexible or rigid pipes used to transfer produced fluids from the seabed to surface facilities, and transfer injection or control fluids from the surface facilities to the seabed.

With a workforce of 22,000 people, Technip ranks among the top five corporations in the field of oil, gas and petrochemical engineering, construction and services. Headquartered in Paris, the Group is listed in New York and Paris.

The Group's main operations and engineering centers and business units are located in France, Italy, Germany, the UK, Norway, Finland, the Netherlands, the USA, Brazil, Abu-Dhabi, China, India, Malaysia and Australia.

In support of its activities, the Group manufactures flexible pipes and umbilicals, and builds offshore platforms in its manufacturing plants and fabrication yards in France, Brazil, the UK, the USA, Finland and Angola, and has a fleet of specialized vessels for pipeline installation and subsea construction.

Source: Business Wire

Deep Well Oil & Gas, Inc. and its subsidiaries ("Deep Well") are pleased to announce that Deep Well has now completed its audit for its fiscal year ending September 30, 2004 and has filed form 10KSB with the SEC. The June 7, 2005 acquisition of Northern Alberta Oil Ltd. by Deep Well greatly complicated the audit for Deep Well's 2004 year end. The Audit is included in form 10KSB which was filed with the United States Securities and Exchange Commission on Friday, February 23, 2007.

As announced on January 31, 2007, a settlement has been reached regarding an agreement executed on March 10, 2005 (as filed with Edgar on March 14, 2005) by the previous management. With the settlement in place, the impediments contained in that agreement to raising capital have now been lifted.

"I would like to thank our shareholders for their continued support and belief in this project" said Horst A. Schmid, CEO of the Company. He went on to say, "The many challenges and obstacles that were in front of us are being remedied. We look forward to the continued support and patience of our shareholders to help make this Company a success."

This press release may contain forward-looking statements. The words or phrases "would be," "will allow," "intends to," "will likely result," "are expected to," "will continue," "is anticipated," "estimate," "project," or similar expressions are intended to identify "forward-looking statements." Actual results could differ materially from those projected in the Company's proposed oil and gas related business. The Company's business is subject to various risks, which are discussed in the Company's filings with the Securities and Exchange Commission ("SEC"). The Company's filings may be accessed at the SEC's Edgar system at www.sec.gov. Statements made herein are as of the date of this press release and should not be relied upon as of any subsequent date. The Company cautions readers not to place reliance on such statements. Unless otherwise required by applicable law, we do not undertake, and we specifically disclaim any obligation, to update any forward-looking statements to reflect occurrences, developments, unanticipated events or circumstances after the date of such a statement. Deep Well Oil & Gas, Inc.




Contacts:
Deep Well Oil & Gas, Inc.
Investor Relations
1 888 - OILSAND (1-888-645-7263)


Source: Deep Well Oil & Gas, Inc.

El Paso Corp., owner of the longest U.S. natural-gas pipeline system, said its fourth-quarter net loss widened to $166 million on costs to exit a pipeline contract.

The loss, equivalent to 25 cents a share after payment of preferred dividends, widened from $162 million, or 26 cents, a year earlier, Houston-based El Paso said in a statement today. The company on Feb. 21 estimated the per-share loss at about 25 cents. Revenue rose 12 percent to $913 million.

Chief Executive Officer Doug Foshee, 47, spent three years selling assets to reduce $22 billion in debt after a slump in its energy-trading business, culminating with the $3.4 billion sale of its ANR Pipeline business and other assets to TransCanada Corp., completed on Feb. 22.

``This company has gone through quite a bit of turmoil in recent years,'' said Gordon Howald, an analyst at Calyon Securities (USA) Inc. in New York who rates El Paso stock at ``neutral'' and owns 1,000 shares. ``El Paso's balance sheet looks good now with the ANR sale, and that's a positive, but investors still need to be willing to look long-term when evaluating this stock.''

Segment Earnings

The company recorded pretax costs of $188 million, or 17 cents a share, for terminating the accord to use the Alliance pipeline system, which connects Chicago with gas-production areas in western Canada. That was in line with the Feb. 21 statement.

The results also included a pretax gain of $13 million, or 1 cent a share, for the increased value of derivatives used to lock in prices for its production, El Paso said.

Fourth-quarter earnings before interest and taxes from gas and oil production fell 18 percent to $137 million, the company said. Output of gas and oil rose 11 percent to the equivalent of 762 million cubic feet of gas a day. The company has said it will focus on lower-risk exploration projects this year.

``Production was pretty good, and that's certainly a near- term positive because that's the big driver for the stock,'' Calyon's Howald said.

Pipeline profit rose 65 percent to $302 million, El Paso plans to create a master limited partnership this year to lower borrowing costs for new pipeline projects.

Losses from energy trading narrowed to $184 million from $224 million a year earlier.

Energy Trading

El Paso accumulated debt when energy-trading and power-plant businesses went sour after the collapse of Enron Corp. in December 2001. The company was ranked 455th in the Fortune 500 ranking of U.S. corporations by revenue for 2006, down from 17th place in 2002.

El Paso's 43,000-mile (68,187-kilometer) network of pipelines carries about one-quarter of U.S. gas supplies, according to the company's Web site.

The statement was issued before the opening of regular trading on U.S. stock markets. Shares of El Paso were unchanged at $14.83 yesterday in New York Stock Exchange composite trading. The stock, which has five buy recommendations from analysts, nine holds and two sells, has risen 9.2 percent in the past year.

To contact the reporter on this story: Victor Epstein in New York at vepstein@bloomberg.net .

Century Petroleum Corp. ("Century Petroleum" or "the Company") is pleased to announce its intention to participate in the Shadyside Farm Prospect in St Mary Parish, Louisiana.

On February 16th, 2007, Century Petroleum signed a letter of intent to acquire 8.92353% working interest before casing point on the Shadyside Farm Prospect from Houston Energy, Inc. and Red Willow Offshore, LLC. The prospect is a 3-way highside closure on the Garden City Fault with good 3-D seismic and subsurface control.

The prospect is located close to the analogous 2 TCF Garden City giant field and close to a recent discovery by Petrogulf Corporation immediately downthrown. The initial 16,500 feet exploratory well will target resources P.50 of 50 BCF of which Century Petroleum's net could reach 0.63 MMBOE.

The prospective Miocene horizons are anticipated to be encountered between 15,500 feet and 15,800 feet. If successful, a second exploratory well and additional development wells may be proposed. Drilling costs for the first exploratory well of the prospect are estimated at $8.1 million and $3.6m for completion (100%). Spud date is estimated on late March or early second quarter of 2007.

"The company's management believes the Shadyside Farm Prospect has significant upside potential with P.90 resource numbers of 19.4 MMBOE. In such case, Century's proportionate share of the upside case could reach 1.47 MMBOE. We are very pleased to add this significant exploration opportunity to our growing Gulf Coast portfolio," said James Hersch.

Further Information

Shareholders and interested parties are encouraged to visit Century Petroleum's website at www.centurypetrol.com and sign-up to receive news on the company as it becomes available. Otherwise a corporate information package can be requested by contacting shareholder relations at toll-free 1-877-284-8258.

About Century Petroleum Corporation

Century Petroleum Corporation is a publicly traded, dynamic junior oil and gas exploration company currently focused on making significant commercial petroleum discoveries in the Southern States. Century Petroleum Corporation's intent is to build near-term shareholder value by initially focusing its activities in proven domestic hydrocarbon basins. Century Petroleum Corporation trades on the NASD OTC BB under the symbol: CYPE.

On behalf of the Company


James Hersch
President

Forward-Looking Statements

Statements in this news release that are not historical facts are forward-looking statements that are subject to risks and uncertainties. Words such as "expects," "intends," "plans," "may," "could," "should," "anticipates," "likely," "believes" and words of similar import also identify forward-looking statements. Forward-looking statements are based on current facts and analyses and other information that are based on forecasts of future results, estimates of amounts not yet determined and assumptions of management, including, but not limited to, the Company's belief that Century Petroleum Corp can identify and successfully negotiate leases for oil and gas properties, and that the Company can participate in the exploration of those properties. Actual results may differ materially from those currently anticipated due to a number of factors beyond the reasonable control of the Company. Additional information on risks and other factors that may affect the business and financial results of the Company can be found in filings of the Company with the US Securities and Exchange Commission.



Contact:

Century Petroleum Corp.
Investor Relations
Toll free: 877.284.8258
Email: Email Contact
Website: http://www.centurypetrol.com


Source: Century Petroleum Corporation

Petromin Resources Ltd. (the "Company") is pleased to announce that it has entered into a Letter of Intent with United Oil Projects ("UOP") of Kuwait and Allied Resources Ltd. of Hong Kong effective immediately. The Letter of Intent is to advance further cooperation of Carbon Dioxide (CO2) sequestration for Kuwait oil deposits for potential CO2 related enhanced oil recovery ("EOR") schemes and to develop potential Clean Development Mechanism in CO2 capturing for Kuwait.

United Oil Projects is a subsidiary of Kuwait Projects Company Holdings ("KIPCO") Group, one of the largest premier investment holding companies in the Middle East and North Africa (MENA) region. United Oil Projects is currently participating in industrial projects, with focus on petrochemicals, oil and natural gas sectors, either independently or in partnership with entities exercising similar activities. UOP also extends support services to oil wells drilling and exploration operations, oil wells repair and rehabilitation for production, and all subsequent works pertaining to oil wells maintenance.

Allied Resources Ltd. is a private Hong Kong Resources company with vast connections to the Hong Kong, China and Middle East investment communities.

The cooperation will include technical support, engineering design, and sharing capital investment on CO2 capturing/storage equipment and any revenue/costs incurred by the parties. A formal agreement among the three parties will be signed and a new entity will be set up in Kuwait to oversee the operations of this joint venture.

Petromin is extremely excited about this engagement in view of the Company's efforts in expanding its enviro-energy concept into Kuwait. Further details on this project will be announced at a later date.

Petromin Resources Ltd. is a micro-cap Canadian energy company listed on the Toronto Venture Stock Exchange. The Company's focus is oil and gas production and enviro-energy project development. Core operations include five oil and gas properties in Alberta Canada along the Western Canada Sedimentary Basin. The Company is currently pursuing high impact CMM / CBM exploration and development opportunities in China. By applying the latest C02 Geological Sequestration Technology (Carbon Capture and Storage Technology), Petromin aims to implement projects that enhance oil recovery and extract coal bed methane while significantly lowering CO2 green house gas emissions around the World.

On Behalf of Petromin Resources Ltd.

Kenny W. Chan, Co-Chairman and Chief Executive Officer




Contacts:
Petromin Resources Ltd.
Kenny W. Chan
Co-Chairman and Chief Executive Officer
(604) 682-8831
(604) 682-8683 (FAX)
Email: ir@petromin.ca
Website: http://www.petromin.ca


Source: Petromin Resources Ltd.

Japan's government said it will start test production of frozen natural gas in Canada's permafrost area as part of Japan's 16-year project to siphon gas from methane hydrate, a form of the fuel known as gas crystals.

State-run Japan Oil, Gas, and Metals Corp. and Canada's natural resources ministry on Feb. 23 drilled a test well inside the Arctic Circle, and plan in March to start extracting gas from the hydrates, an ice-like form of methane trapped in oxygen and hydrogen, the state-controlled company said in a statement.

Japan is accelerating efforts to develop technologies to extract gas from the methane hydrate deposits lying under the Pacific Ocean and Sea of Japan seabed, to break the country's dependence on Saudi Arabia, the United Arab Emirates and Indonesia for its oil and gas supply.

In the test production with the Canadian government, the Japanese state-run company, known as JOGMEC, plans to trial a so- called depressurizing method, under which the icy gas crystals are returned to gas form inside a drilled hole, the company said in its statement today.

Methane hydrate has to be depressurized or heated to be turned into gaseous form.

To contact the reporter on this story: Shigeru Sato in Tokyo at ssato10@bloomberg.net ;

Stewart & Stevenson LLC announced today the acquisition of substantially all of the assets of Crown Energy Technologies, Inc. and subsidiaries. The purchase price was not disclosed.

Headquartered in Calgary with multiple U.S. operations, Crown is a leading manufacturer of drilling, well servicing and workover rigs, and stimulation equipment. It has 1100 employees and had sales of approximately U.S. $240 million in the last twelve months.

"We are very pleased with the acquisition of Crown," said Robert L. Hargrave, CEO of Stewart and Stevenson. "As a result of this acquisition, Stewart & Stevenson will be the largest provider of well stimulation equipment in North America. This acquisition will also broaden our product range into the manufacture of drilling, workover and well servicing rigs and expand our capabilities in the production of coil tubing equipment."

"We are excited that Crown will have the opportunity to contribute leading edge technology and products into a much larger and diverse organization that is a world leader in its services to the oil and gas industry," said Rance Fisher, Founder, CEO and President of Crown. "This will significantly facilitate Crown's future growth and expansion."

Crown operations in Canada will be owned and operated by Stewart & Stevenson Canada Inc.

Mr. Michael Hauser was named as General Manager and Mr. Rance Fisher as its Non-Executive Chairman.

Stewart & Stevenson LLC is a leading designer, manufacturer and marketer of specialized equipment, and parts and services to the oil and gas and other industries. Product offerings include equipment for well stimulation, coiled tubing, cementing, nitrogen pumping, power generation and electrical systems as well as engines, transmissions and material handling equipment.

Forward Looking Statements

The statements made in this Press Release that are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements made in the Press Release include, but are not limited to statements involving the expectation of continued growth in the well servicing equipment markets and the adequacy of the Company's resources to meet that growth. Such statements are subject to numerous risks, uncertainties and assumptions, including but not limited to, uncertainties relating to the level of activity in oil and gas exploration and development, exploration success by producers, oil and gas prices, competition and market conditions in the well servicing equipment industry, supplier delays, actions and approvals of third parties, possible cancellation or suspension of existing contracts, the Company's ability to enter into and the terms of future contracts, the availability of qualified personnel, operating hazards, storms, terrorism, political and other uncertainties inherent in non-U.S. or Canadian markets (including the risk of war, civil disturbance, seizure or damage of equipment and exchange and currency fluctuations), the impact of governmental laws and regulations, the adequacy of sources of liquidity, the effect of litigation and contingencies and other factors described above and discussed in the Company's filings with the SEC, which are available free of charge on the SEC's website at www.sec.gov. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated. You should not place undue reliance on forward-looking statements. Each forward- looking statement speaks only as of the date of the particular statement, and we undertake no obligation to publicly update or revise any forward-looking statements.


Source: Stewart & Stevenson LLC

Tanganyika Oil Company Ltd. (the "Company") announces that the unaudited fourth quarter and year-end report for the financial year 2006 will be published prior to the opening of trading on February 28, 2007.

The Company will hold a telephone conference with an interactive presentation at 17:00 CET (11:00 AM EST, 08:00 AM PST) February 28, where Gary S. Guidry, President and CEO of Tanganyika Oil will host the call. Arlene Weatherdon, CFO will be available to comment on the report.

Please call in 5 minutes before the conference starts and stay on the line (an operator will be available to assist you).

Call-in number for the conference call (North America): +1 718 354 1388

Call-in number for the conference call (Europe): +46 (0)8 5352 6408

To take part in the interactive presentation, please log on using the following direct link: www.livemeeting.com/cc/premconfeurope/join?id=4297038&role=attend&pw=tan63

Or visit the website www.euvisioncast.com and login using the following:

Meeting ID: 4297038

Meeting Password: tan63

The presentation slideshow will be available in PDF format for download from the Tanganyika Oil website: www.tanganyikaoil.com from 6:30 AM PST on February 28, 2007.

A replay of the telephone conference will be available approximately one hour after the completion of the conference and until March 7, 2007.

Replay number in Europe is: +46-8-5876 9441 and in North America: +1-718-354 1112

To access the recording, please enter access code: 4297038#

Tanganyika Oil Company Ltd. is a Canadian oil and gas company with production and exploration assets in Egypt and Syria. Its shares are traded on the TSX Venture Exchange and Swedish Depository Receipts trade on Stockholmsborsen.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.


Contact:

Gary Guidry
Tanganyika Oil Company Ltd.
President and CEO
(403) 716-4051
(403) 261-1007 (FAX)
Email: gary.guidry@tykoil.com

Arlene Weatherdon
Tanganyika Oil Company Ltd.
Chief Financial Officer
(403) 716-4054
(403) 261-1007 (FAX)
Email: arlene.weatherdon@tykoil.com

Sophia Shane
Tanganyika Oil Company Ltd.
Corporate Development
(604) 689-7842
(604) 689-4250 (FAX)
Email: sophias@namdo.com
Website: www.tanganikaoil.com

Source: Tanganyika Oil Company Ltd.

Research and Markets (www.researchandmarkets.com) announces the addition of Frost & Sullivan's new report Strategic Analysis of the Automation and Software Solutions Market in the World Oil and Gas Industry to their offering.

This Frost & Sullivan research service titled Strategic Analysis of the Automation and Software Solutions Market in the World Oil and Gas Industry provides an overview of the revenue forecasts for the various automations segments across various geographies along with a comprehensive analysis of the various drivers, industry challenges, and trends prevailing in the market.

In this study, Frost & Sullivan's expert analysts thoroughly examine the following markets: programmable logic controller (PLC), distributed control system (DCS), industrial asset management (IAM), manufacturing execution system (MES), supervisory control and data acquisition (SCADA), human machine interface (HMI), advanced process control (APC), safety systems and industrial control services market.

Chapter Titles:

* Executive Summary
* Strategic Analysis of the Total Automation and Software Solutions Market in World Oil and Gas Industry
* Strategic Analysis of Process PLC Market in the World Oil and Gas Industry
* Strategic Analysis of DCS Market in the World Oil and Gas Industry
* Strategic Analysis of SCADA Market in the World Oil and Gas Industry
* Strategic Analysis of MES Market in the World Oil and Gas Industry
* Strategic Analysis of APC Market in the World Oil and Gas Industry
* Strategic Analysis of IAM Market in the World Oil and Gas Industry
* Strategic Analysis of Safety Systems Market in the World Oil and Gas Industry
* Strategic Analysis of the Industrial Control Services Market in the World Oil and Gas Industry
* Appendix

Greater Demand for Oil and Gas Drives Investment in the Automation Segment

Demand for oil and gas has been increasing steadily over the past few years; this has hiked the investments that are being pumped into the oil and gas industry. The vast demand for oil in turn, bolsters the oil and gas companies to increase their investments in automation in order to optimize their processes. "Oil and gas companies are looking to sustain their supply and are investing major portion of their revenues in exploration and research," according to the analyst of the study. "Globally, awareness has grown about environment-friendly fuels and this boosts increased exploration which in turn positively affects the automation industry."

The demand for oil and gas has been forecast to increase on an average of 1.7 percent from 2005 through 2015. The international energy agency expects a 15 percent rise in oil demand by 2030. In addition, new regulations announced by various countries and organizations are also driving the development and expansion of the oil refining industry. As a result, the focus for oil and gas companies is especially on lean manufacturing and efficient processing which is likely to strengthen the position of automation in the oil and gas industry.

Focus on Increasing Efficiency Drives Automation of Manufacturing Processes

A significant damper to the demand for oil and gas is the carbon emission control systems that have been enforced in developed economies; the European Union (EU) for instance has stringent emission norms for automobiles, refineries, and power plants. Despite this real threat, the incessant demand for oil and gas from developing regions such as Asia Pacific is likely to aid the automation and software solutions market. With the shift of manufacturing to the Asia Pacific regions, it is likely that at the end of the forecast period, over 70 percent of the oil demand will arise from developing countries in this region.

Moreover, as natural resources decline, the need to lower operating costs and increase efficiency is on an all-time high. The oil and gas industry is constantly searching for new reserves in order to enhance its supply potential and is also keen to upgrade its existing infrastructure. "As a result, in the future, upstreaming is likely to drive the capital investments in oil and gas sectors; with a majority of the demand rising from the transportation sector, the importance of the middle stream is also expected to grow," explains the analyst. "In addition, due to ever-increasing demand, manufacturers are being forced to automate their processes in an effort to maximize their plant utilization."

For more information visit http://www.researchandmarkets.com/reports/c51193


Contact:

Research and Markets
Laura Wood, Senior Manager
press@researchandmarkets.com
Fax: +353 1 4100 980

Source: Research and Markets Ltd.

Repsol YPF said Tuesday it had discovered in Libya its largest ever oil field, which will double its production and reserves in that country, but that fourth-quarter profit fell 14 percent on lower output and higher exploration costs.

Chairman Antonio Brufau said the discovery in Libya was the first sign that Repsol's strategic shift toward a heavier emphasis on oil and gas exploration, started soon after he took over in late 2004, "begins to bear fruit."

The oil field, located in Libya's Murzuq basin, holds 474 million barrels of oil, Repsol said in statement. The discovery was made by Repsol Oil Operations, a joint venture between the Spanish-Argentine company and the National Oil Co. of Libya.

Repsol produces about 250,000 barrels a day of crude oil in Libya. Its total output fell 1.4 percent in the fourth quarter to 1.1 million barrels of oil equivalent a day.

That hurt net income for the period, which fell to euro473 million (US$622.47 million) from euro549 million in the same period the previous year.

Adjusted net profit - the company's preferred measure of profitability, excluding minority interests and nonrecurring items - came to euro547 million (US$719.85 million) for the three months to Dec. 31, compared with euro998 million in the same period of 2005.

That came in lower than the expectations of analysts surveyed by Dow Jones Newswires, and Repsol shares fell 1.4 percent at euro24.83 (US$32.68) in Madrid trading. The shares have gained about 25 percent in the past year, despite continued problems with reserves and production, as the company has been considered a possible takeover target.

Repsol said the decline in production was mostly due to contract renegotiation in Venezuela and lower oil output in Argentina.

Like most other oil companies, Repsol has been affected by rising exploration costs and higher taxes in the countries where it owns reserves. As a result, the adjusted operating figure in its exploration and production division tumbled 45 percent in the fourth quarter.

Brufau said Repsol does not anticipate further reserves downgrades in its current markets, and plans to invest around euro1 billion (US$1.32 billion) into exploration in 2007.

He noted that around euro650 million (US$855.4 million) of that will correspond to countries outside the traditional footprint of the company - Argentina, Bolivia and Brazil - with a focus on new markets such as Libya, Algeria and the Gulf of Mexico.

"Our exploration activity, which was historically very low, is going to be much more intense now," Brufau said.

He was cautious, however, about the immediate effect of the increased exploration and said Repsol's output is likely to remain around 1 million barrels per day during 2007.

source news : kiplingerforecasts.com

South Korea's Daewoo International Corp. has signed a production-sharing contract with Myanmar for oil and gas exploration off the country's northwestern coast, a newspaper reported Tuesday.

Financial details of the contract, which was signed Monday, were not made public.

The agreement was signed by Chae Moon Rim, a senior executive for Daewoo, and U Myint Kyi, managing director of the Myanma Oil and Gas Enterprise, the New Light of Myanmar reported. Under the contract, Daewoo will help with production and exploration of oil and gas off Myanmar's northwestern Rakhine coast.

Daewoo is already involved in another exploration deal with Myanmar -- one of many companies that has signed contracts with the government since Myanmar began allowing foreign investment in 1988. Others include France's Total SA, Unocal Corp. of the United States, Malaysia's Petronas and Thailand's PTT Exploration & Production PCL.

Myanmar also has deals with companies from India, Australia, Canada and Indonesia.

AP

Oil refiner Frontier Oil Corp. said Tuesday that its fourth-quarter profit declined 17 percent on the absence of strong gasoline and diesel margins and a higher inventory loss.

Quarterly earnings fell to $52.4 million, or 47 cents per share, versus $63 million, or 55 cents per share, in the prior year.

The company said the year-ago period benefited from strong gasoline and diesel crack spreads after hurricanes Katrina and Rita. Those spreads are the difference between the cost of the crude oil a refiner buys and the end product he refines from that feedstock. The gasoline crack spread averaged a robust $7.96 for the current quarter compared with $8.59 in 2005. The diesel crack spread also remained strong at $20.21 for the current quarter, compared with $24.69 in the previous year.

Frontier saw its inventory loss climb to $24 million from $14.3 million.

Analysts surveyed by Thomson Financial predicted net income of 55 cents per share.

Revenue dipped 5 percent to $1.09 billion from $1.15 billion.

For the year, earnings rose 38 percent to $379.3 million, or $3.37 per share, compared with $275.2 million, or $2.42 per share, in 2005.

Full-year revenue increased 20 percent to $4.8 billion from $4 billion.

AP

El Paso Corporation is providing today fourth quarter and full-year 2006 financial results for the company. Results for ANR Pipeline Company and associated assets (ANR), which were sold on February 22, 2007, are included in discontinued operations for all periods.

"2006 was a year of major accomplishments for El Paso," said Doug Foshee, president and chief executive officer. "We reported a swing in profitability of more than $1 billion; our pipeline business reported record earnings and laid the foundation for future expansion-driven growth; our E&P business delivered organic production growth and replaced production through the drill bit; we reduced debt by $2.8 billion; and we eliminated numerous legacy issues. Finally, in December we announced, and last week we closed, the sale of ANR, which is a transformational event for our company as we regain our financial strength and flexibility while maintaining our earnings outlook. We look forward to additional progress in 2007."

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A Citigroup analyst said the structure of Halliburton Co.'s plan to split off its remaining interest in KBR Inc. should offset any potential earnings dilution.

Halliburton on Monday said it approved a plan to split off its remaining interest in KBR through a stock offering. Under the proposal, Halliburton will offer its about 135.6 million shares of KBR common stock to its shareholders in exchange for shares of Halliburton common stock at an exchange ratio to be determined by a specific formula.

Citigroup analyst Geoff Kieburtz in a Monday client note said the transaction will result in an effective buyback of Halliburton shares, which will offset the loss of the KBR earnings contribution.

"We strongly reiterate our recommendation to buy Halliburton ahead of the split off and maintain our $48 target," wrote Kieburtz.

AP

EGPI/Firecreek, Inc. announced today that its wholly owned subsidiary, Firecreek Petroleum, Inc.'s (Firecreek or FPI) third well in the Ten Mile Draw (TMD) prospect area located in Green River Basin, Wyoming, is online and producing natural gas. The recent success for the completion of the third workover well now paves the way for Firecreek to begin the planned expansion program for the drilling of at least 11 new wells in that area.

Firecreek's Joint Venture and field operations partner, Newport Oil Corporation, reported that the well, which was scheduled to be online last November, encountered technical issues in final stages of completion which were addressed and are now resolved. The Company will include the results of the 13-9 well, as well as the other two wells in the TMD prospect, in its financial statements.

Firecreek and Newport Oil jointly stated that they see a bright and promising future for the new drilling development program. The difficulties and special requirements encountered and resolved in its 3 well workover program in the heart of the Continental Divide will undoubtedly bring a wealth of added benefits - which the companies believe will facilitate the planning of future new drilling programs. Firecreek and Newport Oil now can look forward to beginning the new multi-well drilling program.

Newport Oil Corporation President John Bruynell, operator for the project, stated, "The historical output of these older wells have been in excess of 3 BCF. The 13-9 is now restored to online status. Approximately 1/2 BCF was extracted from the 13-9 well prior to acquisition by FPI or Newport Oil Corporation. Of the three workover wells, the 13-9 being certainly the youngest well being brought back online, also has the strongest reserve values attributable for the Almond and Lewis Sand Formation in place. There is a reasonable expectation with standard technical adjustments, the three workover wells having the new fracing procedures performed and completed may be producing and selling gas for many years to come. The start up production rate for the 13-9 well at 175 thousand cubic feet per day and is expected to increase steadily over the next thirty days of operations until it stabilizes. The early signs are encouraging."

Firecreek looks forward to the ongoing results for its 13-9 well. The Company expects to continue aggressive steps towards the facilitation of new multi-well drilling programs in the Ten Mile Draw area.

The Company also plans to provide a near term update regarding the steady advancement of its preliminarily planned projects located in Florida and the Ukraine.

EGPI/Firecreek, Inc. through its Firecreek unit is focused on oil production with an emphasis on acquiring existing oil fields with proven reserves, the rehabilitation of potentially high throughput oilfields, resource properties and inventories on an international basis. Other companies in the oil sector include Pantina Oil and Gas Inc. (POG), Frontier Oil Inc. (FTO) and Cabot Oil & Gas Inc. (COG).

Safe Harbor

This release contains statements that constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements appear in a number of places in this release and include all statements that are not statements of historical fact regarding the intent, belief or current expectations of EGPI Firecreek, Inc., its directors or its officers with respect to, among other things: (i) financing plans; (ii) trends affecting its financial condition or results of operations; (iii) growth strategy and operating strategy. The words "may," "would," "will," "expect," "estimate," "can," "believe," "potential" and similar expressions and variations thereof are intended to identify forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond EGPI Firecreek, Inc.'s ability to control, and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors. More information about the potential factors that could affect the business and financial results is and will be included in EGPI Firecreek, Inc.'s filings with the Securities and Exchange Commission.


Contact:

EGPI/Firecreek, Inc.
Public Relations and Shareholder Information
Joe Vazquez, 817-886-3297
info@egpifirecreek.net

Source: EGPI/Firecreek, Inc.

Bill Barrett Corporation (NYSE: BBG - News) today reported full year operating results for 2006 that were highlighted by:

* Production growth of 32% to 52.1 Bcfe
* Proved reserve growth of 26% to 428 Bcfe
* Proved, probable, and possible resources of 2 Tcfe
* Record discretionary cash flow (1) of $239 million; $5.39 per diluted
share
* Record net income of $62 million; $1.40 diluted EPS
* Organic Finding and Development Costs (2) of $2.44 per Mcfe

As previously announced, oil and gas production for 2006 was 52.1 Bcfe compared to 39.4 Bcfe in 2005. Including hedging effect, the Company's average realized sales price for oil and gas production in 2006 was $6.60 per Mcfe compared to an average realized sales price in 2005 of $7.21 per Mcfe. In the fourth quarter of 2006, production was 14.2 Bcfe, a 13% increase over the prior quarter and a 15% increase over the year earlier period. For the fourth quarter of 2006, realized prices were $6.21 per Mcfe compared to $8.89 per Mcfe in the fourth quarter of 2005. Proved reserves at December 31, 2006 were 428 Bcfe compared to 341 Bcfe at year end 2005, while probable and possible resources increased to 1.6 Tcfe at year end 2006 from 1.1 Tcfe at year end 2005.

For 2006, discretionary cash flow (1), a non-GAAP measure defined below, was $239 million, a 23% increase over 2005. Discretionary cash flow (1) for the fourth quarter of 2006 was $62 million, a $19 million decrease from the comparable period in 2005. On a per diluted share basis, discretionary cash flow (1) was $5.39 for the year ended 2006, a 20% increase over the previous year.

complete this report click here

For the year ended December 31, 2006, Rowan Companies, Inc. (NYSE:RDC - News) generated income from continuing operations of $317.0 million or $2.84 per share on revenues of $1,510.7 million, compared to income from continuing operations of $217.8 million or $1.97 per share on revenues of $1,068.8 million during 2005. Net income was $318.2 million or $2.85 per share in 2006, compared to $229.8 million or $2.08 per share in 2005.

For the three months ended December 31, 2006, the Company generated income from continuing operations of $62.4 million or 56 cents per share on $410.9 million of revenues, compared to income from continuing operations of $69.5 million or 63 cents per share on revenues of $317.4 million in the same period of 2005. Current quarter results included $12.8 million or 10 cents per share of charges related to environmental matters, while the prior year quarter included $24.3 million or 14 cents per share of gains on asset disposals.

Rowan's offshore rig utilization decreased to 81% during the fourth quarter of 2006, from 93% during the comparable 2005 period. The Company realized 164 net fewer operating days during the current quarter from five rigs that were either preparing for or mobilizing to overseas assignments. Rowan's overall average offshore day rate was $144,500 during the fourth quarter of 2006, up by $40,300 or 39% from the comparable 2005 period but down by $2,300 or less than 2% from the third quarter of 2006.

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Victory Energy Corporation announced today that the permitting process for the first Lodgepole well has started.

The first Lodgepole well has been identified in Section 16, T36N-R36E. This is the initial drilling project that Victory Energy Corporation and its partner Coastal Petroleum Company will begin with in Valley County, Montana.

The permit for this well has been filed and an application for special exception is being filed today. The exception is required because the location is less than 660 feet from the boundary of the acreage held under this lease. By meeting the March 15, 2007 deadline, Victory's permit request will be heard by the Montana Board of Oil and Gas Conservation on April 12, 2007 in Billings, Montana.

"Victory will attend and present the evidence to obtain the approval of the Montana Board. This process has been completed successfully many times as the reason for the exception is simple and straightforward. With the Montana Board's approval, the first well could be ready to drill by May 1, 2007," stated Jon Fullenkamp, President of Victory Energy Corporation.

Potential indications are that estimated recoverable hydrocarbons from a good Lodgepole well can be approximately 4,000,000 barrels of oil and 2 billion cubic feet of gas. The 138,000 acres in Valley County, Montana could have over 500 Lodgepole Prospects, with approximately 100 Prospects currently high-graded through Geochemical evaluation. The main target for drilling is the Lodgepole Reef zone, with additional testing of the Bakken zone as well as the Nisku and Red River zones. Total depth anticipated to be drilled in this first Lodgepole test is 5,600 feet.

About Victory Energy Corporation: Victory Energy Corporation (http://www.victoryenergyoilandgas.com) is a publicly traded, developmental stage petroleum company primarily dedicated to energy-related opportunities. The Company goal is to evaluate profitable options, develop a solid foundation through leadership and sound business acumen, and acquire producing wells as well as other potentially profitable prospects within the Oil & Gas Industry.

Certain statements contained herein are "forward-looking" statements (as such term is defined in the Private Securities Litigation Reform Act of 1995). Because such statements include risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements include, but are not limited to, those discussed in filings made by the Company with the Securities and Exchange Commission. The Company's filings may be accessed at the SEC's EDGAR system at www.sec.gov. Statements made herein are as of the date of this press release and should not be relied upon as of any subsequent date. The Company cautions readers not to place reliance on such statements.



Victory Energy Corporation
Investor Relations
MATRIX
1-866 369 4167
http://www.victoryenergyoilandgas.com


Source: Victory Energy Corporation

Did you install an energy- efficient water heater or furnace in 2006? How about a solar panel, storm door or insulation? Yo u might reap a reward at tax time.

With fuel and other energy costs skyrocketing last year, consumers who purchased energy-efficient home improvements or hybrid vehicles can take a tax credit - one of the tax code's biggest prizes.

Credits amount to pure gold for the taxpayer because they are a dollar-for-dollar reduction in tax liability, whereas a tax deduction only reduces the income against which tax is assessed.

Many home improvements can qualify for the residential energy credit, including insulation, certain water heaters, air conditioners, fans, furnaces, skylights, exterior windows and doors, solar panels and metal roofs with pigmented coatings designed to reduce a home's heat gain.

10 percent of cost

The credit is usually 10 percent of the cost, though there may be separate limits for specific devices. For example, up to $50 can be claimed for a main circulating air fan and up to $150 for a natural gas, propane or oil furnace, or hot water boiler. No more than $200 of the credit can be for windows.

The credit is limited to $500 for the 2006 and 2007 tax years combined. So if you claim the entire $500 credit for 2006, you won't get the credit for 2007.

Separately, taxpayers can take a credit of 30 percent of the cost of a solar panel, solar water heater or fuel cell power plant to heat their homes, up to a maximum credit of $2,000. No part of such a system can be used to heat a pool or hot tub, however.

To be eligible for a residential energy credit, the device has to be "qualified energy property," meaning it must meet criteria established by the 2000 International Energy Conservation Code and its supplements or, for windows and certain other items, bear the Energy Star label.

How do you know if your improvement meets the test? The Internal Revenue Service permits you to rely on the manufacturer's claim.

"You really are going to have to rely on the promotional material you get from the manufacturer," said Bob Scharin, senior tax analyst from Thomson Tax & Accounting, who edits a monthly journal for tax professionals. "The IRS guidance says you can rely on that. If the IRS later finds that there were inaccuracies, they can fine that manufacturer."

"Save your documentation," says Mark Steber, vice president of tax resources for Jackson Hewitt Tax Service, which has 6,000 tax preparation locations across the country. "Many companies who provide these types of property have placed certifications on their Web sites. Coupled with proof of purchase, you should be in good shape."

Donna LeValley, contributing editor of J.K. Lasser's income tax guide, suggests taxpayers check the Energy Star Web site at www.energystar.gov for information about energy-saving home improvements. Energy Star is a joint program of the U.S. Energy Department and Environmental Protection Agency. The Energy Star label indicates a device meets government energy efficiency guidelines.

Be warned, this credit isn't intended to apply to household appliances like dishwashers or refrigerators, even if they bear the Energy Star label. It's only for home improvements that reduce a home's "heat loss or gain," according to the law.

You don't have to submit any of the supporting documentation with your tax return, but you must submit Form 5695 showing your credit calculation.

There's another energy credit in the tax code for hybrid or alternative-fuel vehicles, though applying it is a bit trickier.

Taxpayers who bought a new hybrid gasoline-electric car or truck in 2006 are eligible for a credit that depends on the vehicle's fuel economy, weight and technology.

Complicating the picture is the fact that the credit is reduced on a quarterly schedule after the quarter in which the manufacturer reaches sales of 60,000 of all its hybrids and alternative fuel vehicles.

For example, the popular Toyota Prius originally qualified for a top credit of $3,150. Last Oct. 1, after Toyota reached the 60,000 hybrid vehicle mark, the Prius credit fell to $1,575.

Taxpayers don't have to worry about calculating the credit themselves or figuring out whether the manufacturer has reached the 60,000 mark.

source news : theolympian.com

SANTA FE An amended version of a bill that would require oil and gas companies to compensate private landowners for damages to their property caused by drilling operations was cleared Monday for a House floor vote.

The 14-member House Energy and Natural Resources Committee gave its unanimous support of House Bill 827, which establishes the Surface Owners Protection Act.

"This has been around a long time, and there have been a lot of compromises," said Rep. Andy Nunez, D-Hatch, who was flanked by New Mexico Oil and Gas Association President Bob Gallagher and Alisa Ogden, president-elect of the state's Cattle Growers' Association.

"There has been a lot of blood let on both sides," Nunez said.

If approved, the bill would require oil and gas industry officials to place a surety bond of $10,000 per well, or a $25,000 blanket surety bond, to cover damages caused by drilling.

Landowners have long pressed state officials for legislation that requires oil and gas companies to compensate them when operators damage their property while accessing their wells.

In cases of a split estate, where the property rights are owned by one person and the mineral rights by another, state statute grants the owner of the mineral rights the ability to use as much of the surface of the land as necessary, and does not require any compensation to the landowner.

Under the bill, property owners would be compensated for the use of their property and notified within 30 days of a company's intent to enter the property.

However, the act would only apply to new mineral leases entered into after July 1, when the proposed law would take effect. Current leases in areas such as the San Juan Basin, where 50-year mineral contracts exist, would not be affected, said Rep. R.J. Strickler, R-Farmington.

New lease agreements in the southeast portion of the state will likely be the most affected because less land is owned by the government, Gallagher said. The San Juan Basin is situated largely on federal land in northwestern New Mexico, where less than 10 percent is public property.

Rep. Peter Wirth, D-Santa Fe, said the proposed law ensures that those who may be affected by the operation of an oil and gas well will be heard.

"This really forces the parties to sit down at the table and work out an agreement," Wirth said.

Carl Johnson, a rancher from southeastern New Mexico, was alone in his opposition to the bill as he spoke before the committee Monday morning. He said the measure would "tear apart" laws already in place.

"We deal with oil and gas companies every day," Johnson said. "This bill addresses the bad apples, and there a lot of them."

The bill is supported by the New Mexico Attorney General's Office.

source news : alamogordonews.com

Pacific Energy & Mining Company announces the approval by the shareholders of Colorado Utah Natural Gas, Inc. to sell its oil and gas assets to Pacific Energy & Mining Company for stock and assumption of certain debts.

In conjunction with the transaction, Colorado Utah Natural Gas, Inc. has withdrawn its registration statement from the United States Securities and Exchange Commission.

The companies will complete the transaction by March 15, 2007. The transaction will result in Pacific Energy having a present value of $80 million in oil and gas reserves over the life of the field. Pacific Energy will take over operations of the oil and gas properties.

After issuance of the additional shares to the shareholders of Colorado Utah Natural Gas, Inc., the Company's reserves from the acquisition will be approximately $3.00 per share net present value as per the reserves determined by Colorado Utah Natural Gas, based upon prices of $60 per bbl of oil and $8 per MCF of natural gas.

Pacific Energy & Mining is a diversified company with oil and gas including interests in Utah through its current acquisition of the assets of Colorado Utah Natural Gas, Inc. (www.coloradoutahgas.net), a 7% working interest in the Brennan Bottoms Oil Field in Uintah County, Utah, and a 50% revenue interest in the Cisco Springs Oil Field in Grand County, Utah.

The Company also owns a 16.67% interest in Mar/Reg Investments, a General Partnership, through which it holds working interests in oil wells in the Altamont Bluebell Oil Field in Utah and in numerous oil and gas wells in Oklahoma.

Pacific Energy also owns 80% of the outstanding shares of Pakistan Chrome Mines Ltd., a mining company with interests in over 34,000 acres of chromite and magnesite leases in Baluchistan, Pakistan. The leases mineral reserves contain an estimated 4 million tons of chromite and magnesite.

Disclaimer

The foregoing contains forward-looking information within the meaning of The Private Securities Litigation Act of 1995. Such forward-looking statements involve certain risks and uncertainties. The actual results may differ materially from such forward-looking statements. The company does not undertake to publicly update or revise its forward-looking statements even if experience or further changes make it clear that any projected results (expressed or implied) will not be realized.


Source: Pacific Energy & Mining Company

Oil prices rose Monday in Asian trading as a winter storm plowed across the United States, spurring expectations of strong demand for heating oil.

The winter storm churned toward the U.S. East Coast after dumping as much as 2 feet of snow in the Midwest, grounding hundreds of airline flights and closing major highways. By midday Sunday in the United States, snow was dwindling but still falling from Washington D.C. to the Dakotas.

"Oil prices have been driven by the weather, as what is perhaps the last winter storm of the year passes through the U.S. Midwest toward the East Coast, driving strong demand in heating oil," said Victor Shum, an energy analyst with Purvin & Gertz in Singapore.

Light, sweet crude for April delivery rose 31 cents to $61.45 a barrel in electronic trading on the New York Mercantile Exchange, mid-afternoon in Singapore. The contract added 19 cents Friday to settle at $61.14, its highest closing price since Dec. 22.

April Brent crude on London's ICE Futures exchange rose 34 cents to $61.22 a barrel.

Oil prices were also supported by U.S. inventory figures released last Thursday which showed a larger-than-expected decline in distillates, which include heating oil and diesel, as well as a drawdown in gasoline inventories.

Market participants reacted slightly to news that Iranian President Mahmoud Ahmadinejad said Sunday his country's disputed nuclear program was like a train without brakes or a reverse gear. Iran, OPEC's No. 2 supplier, also said it successfully tested a rocket that went into space, apparently part of its drive to launch five satellites into orbit by 2010.

"The market has largely factored in the geopolitical threat posed by Iran, therefore you don't see a sharp rise in prices. But it's a reminder to investors that there's possibly more upside than downside potential in the immediate future due to geopolitical issues such as Iran," Shum said.

Senior diplomats from the five permanent U.N. Security Council nations and Germany will meet on Monday in London to start work on a new resolution to try to pressure Iran to suspend its uranium enrichment program, which can lead to the production of nuclear weapons.

Heating oil prices gained 0.95 cent to $1.76 a gallon while natural gas futures rose 2.7 cents to $7.782 per 1,000 cubic feet.

source news : greenwichtime.com

Gastem is pleased to announce that it has signed a Letter Agreement whereby Forest Oil Corporation may earn a working interest of up to 60% in Gastem's Yamaska Property which covers 45,381 hectares.

Conditions of the Letter Agreement between the companies provide that Forest Oil may earn up to 60% working interest by contributing capital to a drilling joint venture. Gastem plans to commence operations on two wells in this area in 2007, the first of which must be drilled prior to June and the second well would be drilled later in the year. Depending on the results of these two exploratory wells Forest Oil may conduct additional testing and commit to additional exploratory operations in order to earn this working interest. The Letter of Agreement also provides for future project cooperation in the Quebec area.

Gastem considers the Letter of Agreement important for its Yamaska Property as well as for other projects in Quebec.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.


Contact:

Raymond Savoie
Gastem Inc.
514-875-9034
rs@gastem.ca
www.gastem.ca

Source: Gastem Inc.

California gas prices are edging toward $3 per gallon, driven by climbing crude oil costs and a slowdown in fuel production.

State motorists are paying an average of $2.75 per gallon, a 23-cent rise since the beginning of the month. San Francisco customers paid the most -- an average of $2.93, according to data compiled Friday by AAA of Northern California. Nationwide, the average price at the pump was $2.30.

The cost of a fill-up will probably go higher, AAA spokesman Sean Comey said.

Pump prices have been clicking up daily by a penny or two for weeks, increases that can be traced in part to a Feb. 16 fire at a Valero refinery in Texas that caused a ripple effect in California, Arizona and Nevada, Comey said. Gas costs to station owners have jumped by about 50 cents per gallon, and retailers haven't yet passed the full amount on to consumers.

''That would suggest there's a fairly significant price increase headed to your local gas station,'' Comey said.

At the same time, production is undergoing a seasonal dip as refineries switch from making winter fuel to less-polluting summer formulas. The refiners often use the changeover to shut down units for routine maintenance.

Oil companies draw on inventories to meet their fuel supply contracts during these periods, but fires such as the one at Valero and maintenance snags can force them to buy in the spot market, said Suzanne Garfield of the California Energy Commission. That extra demand can ratchet up wholesale and retail prices, she said.

Fuel inventories are 2.5 million barrels lower than last year for California, Washington and Oregon, said Denton Cinquegrana, West Coast markets editor for the Oil Price Information Service. While that's not a huge percentage of the region's 31.7 million barrels of inventory, he said, West Coast supplies are always so close to demand that small changes can influence prices.

Cinquegrana said he expects gas prices to reach $3 per gallon in San Francisco in the next week or so, followed by statewide averages touching the $3 mark.

Whether those prices will be sustained depends in part on how fast refineries can finish their maintenance turnarounds, he said. Chevron's Richmond refinery probably would have been back in production by this time if not for a Jan. 15 fire in a crude oil unit, Cinquegrana said. A Chevron spokeswoman declined to comment on the refinery's status.

Meanwhile, crude oil traded above $60 Friday, continuing an upward trend linked to concerns over U.S. fuel supplies as well as conflict between Western nations and Iran over its development of nuclear technology.

''About one month ago, oil was trading in the low 50s,'' Comey said. By a rough benchmark, a $1 increase in the price of a barrel of oil translates into an increase of 2.5 cents per gallon of gas, he said.

But a host of factors can change that equation, including the behavior of consumers, Comey noted. Motorists can help curb price increases through relatively small changes in demand, such as telecommuting or taking public transportation to work once a week. They can also encourage competitive pricing by filling up at whatever station is cheapest that day.

source news : montereyherald.com

Vinccler to Acquire 30 Percent Interest; Chevron Holds 70 Percent and Operatorship; Both Companies will be Working in Collaboration with PDVSA.

Chevron Corporation ("Chevron") and Vinccler Oil and Gas ("Vinccler"), the wholly-owned subsidiary of PetroFalcon Corporation ("PetroFalcon"), announced today the signing of an agreement and the mobilization of a 3D seismic vessel on the Cardon III Block in the Gulf of Venezuela.

Vinccler and Chevron recently signed a Heads of Terms agreement whereby Vinccler will acquire a 30 percent working interest from Chevron in the offshore natural gas license for the Cardon III Block. Under the terms of the agreement, Chevron remains operator and majority partner with a 70 percent interest. Petroleos de Venezuela, S.A. ("PDVSA"), the Venezuelan state-owned oil and gas company, retains the right to acquire up to 35 percent of the project after declaration of commerciality.

Ali Moshiri, President of Chevron Latin America, said, "We are pleased to have Vinccler Oil and Gas as our new local partner, and we are enthusiastic about exploring for natural gas together on the Cardon III Block in order to supply the growing natural gas market in Venezuela."

Juan Francisco Clerico, Vinccler's Chief Executive, said, "We look forward to developing offshore natural gas with Chevron in the Gulf of Venezuela. The Cardon III Block is strategically located near our existing onshore acreage, as well as our offshore gas license option on the nearby Castilletes NE II Block. Through this partnership, Vinccler Oil and Gas will increase its acreage position in western Venezuela and diversify its business outside of the existing PetroCumarebo joint venture with PDVSA. Chevron has extensive offshore experience in Venezuela and a track record of success in developing significant natural gas reserves."

The transaction is subject to approval from the Venezuelan Ministry of Energy and Petroleum, as well as the signature of assignment and joint operating agreements between Chevron and Vinccler.

Chevron was awarded the Cardon III Block with the high bid of US$5.6 million in the first phase of the Rafael Urdaneta Project in 2005. The Cardon III Block covers an area of 880 square kilometers (approximately 218,000 acres) and is located in relatively shallow waters, 38 kilometers northwest of the Paraguana Refinery Complex, the world's largest refinery.

The acquisition of 530 square kilometers of 3D seismic over the Cardon III Block started on February 18th and will be complete in approximately 50 days, weather permitting. As part of their new partnership, Vinccler and Chevron will soon announce joint social development projects in the local communities of Falcon State in western Venezuela, nearby both the Cardon III Block and Vinccler's existing onshore production.

Chevron Corporation is one of the world's leading energy companies. With more than 55,000 employees, Chevron subsidiaries conduct business in approximately 180 countries around the world, producing and transporting crude oil and natural gas, and refining, marketing and distributing fuels and other energy products. Chevron is based in San Ramon, California. More information on Chevron is available at www.chevron.com.

Vinccler Oil and Gas, C.A., the wholly-owned subsidiary of PetroFalcon Corporation, is a natural resource company with oil and gas operations in Venezuela. Vinccler owns 40 percent of PetroCumarebo, S.A., a joint venture with Petroleos de Venezuela, S.A. ("PDVSA"), the Venezuelan state-owned oil and gas company. The common shares of PetroFalcon trade on the Toronto Stock Exchange under the symbol "PFC". More information on PetroFalcon and Vinccler is available at www.petrofalcon.com.

Forward-looking statements: Except for statements of historical fact, all statements in this press release, without limitation, regarding new projects, acquisitions, future plans and objectives are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate; actual results and future events could differ materially from those anticipated in such statements.


Contact:

Garrett Soden
PetroFalcon Corporation
Chief Financial Officer
+(58) (212) 263-9164
+(58) (212) 266-8830 (FAX)
Website: www.petrofalcon.com

Source: PetroFalcon Corporation

The professionals most familiar with the so-called oil shortage know there's an estimated 3 trillion barrels under land and sea. That's why they're making their biggest bets in drilling rigs where the scarcity is no illusion.

Oil drillers ``are the most attractive way to go,'' said Don Hodges, who holds about 160,000 shares of Transocean Inc. and about 120,000 shares of GlobalSantaFe Corp. among the $1.1 billion managed by Dallas-based Hodges Capital Management. ``There is a shortage, it takes time to build one and it takes a lot of money. Their earnings are going to go up every year for the foreseeable future.''

Orders for offshore rigs have surged sixfold in the past five years, and rental rates are at the highest ever after oil prices tripled and industry profits soared. The wait for the most sophisticated rigs, which can drill in waters more than a mile deep, is a record three years, and the cost to lease one has quadrupled since 2004, climbing to more than $500,000 a day.

``It's a big problem,'' Ashley Heppenstall, chief executive officer of Stockholm-based oil producer Lundin Petroleum AB, said in an interview. ``There has been a gross underinvestment in the industry for a number of years and we paid for that last year. We had delays in some of our drilling campaigns.'' Lundin plans to sink wells this year in Norway, Russia and Sudan, and has permits to explore in Vietnam, Ethiopia and Congo.

Fredriksen, Pickens

Exxon Mobil Corp., BP and the rest of the largest oil producers are being forced to pay more to get the rigs they need to meet the world's ever-rising energy demand. With crude prices above $50 for most of the past two years, investors from Boone Pickens to billionaire John Fredriksen, who controls the world's largest oil tanker company, are betting on drilling companies to outperform producers.

``We think drilling companies are going to stay very busy,'' hedge fund manager Pickens, who is sticking to his prediction that oil prices will reach $70 a barrel this year, said in an interview from Qatar today. The situation for drillers is ``very positive for profitability,'' he said.

The rise in rig costs contributed to the five-year jump in oil prices by driving up production costs, hindering the discovery of new deposits and slowing the development of existing finds. There is some 3.02 trillion barrels of crude oil left under the ground, according to the U.S. Geological Survey.

The oil left underground in the U.S. alone is enough to replace every barrel pumped from Iran for the next 20 years, according to statistics compiled by London-based BP Plc, Europe's second-biggest oil company.

Economic Growth

Rising oil prices are braking global economic growth. Each $10-a-barrel increase in crude sustained for a year shaves between 0.4 percentage point and 0.6 percentage point off economic expansion, according to William Murray, a spokesman for the International Monetary Fund in Washington.

The price to build a deepwater rig has nearly doubled in less than a decade because of rising costs for steel, equipment and shipyard space, according to JPMorgan Chase & Co. analyst David C. Smith.

A new deepwater rig that's capable of drilling in waters 7,500 feet or more costs $525 million to $625 million to build, up from $300 million to $400 million during the late 1990s, according to the Dallas-based analyst.

Stock Performance

The shares of drillers are poised to replace oil and gas producers as the industry leaders, Hodges said. The Standard & Poor's 500 Oil & Gas Drilling Index, which includes Transocean, Noble Corp. and Dallas-based Ensco International Inc., is little changed in the past year. A measure grouping producers such as Exxon Mobil and Chevron Corp., the Standard & Poor's 500 Integrated Oil & Gas Index, jumped 22 percent in that time.

The losers are smaller companies that sink wildcat wells in hopes of finding a gusher.

Desire Petroleum Plc, a U.K.-based oil explorer with a permit to drill offshore the Falkland Islands near Argentina, has sought a rig since early 2005. The firm lost 1.68 million pounds ($3.3 million) in its most recent six-month period.

``Enormous shortages of rigs are affecting everybody, from oil majors to companies such as ourselves,'' Ian Duncan, CEO at Desire Petroleum, said in a telephone interview. ``It is difficult to find a rig anywhere.''

The rigs most in demand are known as drillships and semisubmersibles, equipment used in deep waters.

Record Rates

The battle for rigs has intensified as oil producers boost exploration in the Gulf of Mexico, West Africa and Brazil. The number of offshore rigs in West Africa has increased to 56 from 44 a year ago, according to industry analyst ODS-Petrodata. In Asia and Australia, the number rose to 86 from 79.

``It takes three years from when you order a rig until it is delivered, and we haven't seen this before,'' said Martin Huseby Karlsen, an analyst with DnB NOR Markets in Oslo.

Lease rates have soared to a record. Seadrill Ltd., the Norwegian driller founded by Fredriksen, last month said it rented out a rig for an unprecedented $525,000 a day. Contracts in early 2004 were signed for about $125,000 a day.

``There's a fight for resources in the entire industry, not only rigs,'' Norsk Hydro ASA Chief Executive Officer Eivind Reiten said in an interview. ``That's putting pressure on costs, and may challenge the progress of some of the projects, but my company, Hydro, is fortunate in being well positioned there.'' Oslo-based Hydro is Norway's second-largest oil company.

Orders Surge

The number of offshore drilling rigs on order at shipyards, a measure of demand, has jumped to 115 from 18 five years ago, according to ODS-Petrodata. With few rigs yet delivered, the number of offshore rigs operating worldwide is little changed in the past five years, at 657. This has helped push up oil prices to about $61 as of last week from about $25 five years ago.

As oil rose, profit for rig owners swelled. Transocean's net income last year was $1.39 billion, up from $19.2 million in 2003. The stock more than tripled during that time. Noble's net income jumped to $732 million in 2006 from $166.4 million in 2003. Shares of the Sugar Land, Texas-based company doubled.

The retreat in oil prices from the record $78.40 a barrel in July poses no threat to exploration, said Alf Thorkildsen, chief financial officer for Seadrill Management AS, the Stavanger, Norway-based operating arm of Seadrill.

``We're not concerned with oil prices at around $50,'' said Thorkildsen. ``If they go below $30, that's another issue.''

Takeover Target

Seadrill is looking at buying competitors to get rigs and workers now and avoid the three-year wait. The biggest acquisition in the industry last year was when Fredriksen bought Norway's Smedvig ASA for $2.4 billion. Seadrill, based in Hamilton, Bermuda, beat out Noble and became the industry's sixth-largest following the purchase. Fredriksen declined to comment for this story.

GlobalSantaFe, the world's second-biggest offshore driller by sales, with 61 offshore rigs, would be a ``perfect fit'' for Seadrill, because of its ``premium drilling fleet and high- quality management team,'' said Alan Laws, an analyst at Merrill Lynch & Co. in New York. Jeff Awalt, a spokesman with GlobalSantaFe in Houston, declined to comment.

``If we can justify economically a good acquisition, we have the tools to do that,'' said Seadrill's Thorkildsen. He declined to identify possible targets.

While oil and gas prices rise and fall, rig owners can lock in years of revenue with long-term leases. Houston-based Transocean on Feb. 14 estimated its so-called contract backlog, or revenue expected from existing agreements, was almost $21 billion for the next nine years.

Looking Cheap

Shares of rig companies are also cheaper than oil companies including Exxon Mobil. Transocean trades at more than 10 times expected earnings, while Noble, the third-largest U.S. offshore oil and gas driller, is at 8.1 times. Irving, Texas-based Exxon Mobil trades at more than 12 times expected profit.

BP Capital LLC, the Dallas hedge fund managed by Pickens, boosted stakes in oilfield services stocks including Transocean and GlobalSantaFe in the fourth quarter, according to a filing with the U.S. Securities and Exchange Commission.

Two of the five biggest holdings in the fourth quarter at Touradji Capital Management LP, a hedge fund firm founded by Paul Touradji, a former commodities trader at Julian Robertson's Tiger Management LLC, were Diamond Offshore Drilling Inc., an oil driller controlled by the Tisch family, and Hercules Offshore Inc. Both of the rig owners are based in Houston.

``We're bullish on offshore drillers,'' said Maxime Carmignac, who counts Noble, GlobalSantaFe and Transocean among the $13 billion in assets she helps oversee at Carmignac Gestion in Paris. ``Offshore drillers are cheap, undervalued and less volatile than producers and the commodities themselves, oil and gas. They are sitting on a huge amount of cash flow and may benefit from merger and acquisition activity.''

The Risks

Expectations are so high the risks from falling short are mounting. Baker Hughes Inc. on Feb. 15 said profit rose less than predicted in the fourth quarter and will trail behind estimates in the current quarter on slowing sales growth in North America. The Houston company's shares that day sank 9.4 percent, their biggest drop since 2001.

``We no longer think it's a slam-dunk that offshore drillers will outperform the energy industry,'' said Timothy Guinness, chairman of Guinness Atkinson Asset Management LLC in London, who helps manage about $2 billion in energy stocks. ``These stocks have performed very strongly over the last three years and the market knows their order books are very strong.''

Expectations that demand will stay strong have kept Robert Rodriguez, who oversees $10.7 billion at First Pacific Advisors LLC, invested in companies including Ensco. Rodriguez's FPA Capital Fund has nearly doubled the returns of the Standard & Poor's 500 Index over the past five years and says oil will rise because producers aren't finding new reserves fast enough.

``I'm bullish on oil and the oil drillers,'' Rodriguez, chief executive officer at Los Angeles-based First Pacific, said in a telephone interview. ``The era of low-cost energy is over.''

To contact the reporters on this story: Vibeke Laroi in Oslo at vlaroi@bloomberg.net ; Bruce Blythe in Chicago at bblythe@bloomberg.net